H.B. 290 Summary

• Establishes a new refundable "thriving families tax credit" for Ohio individual income taxpayers with one or more qualifying children under age 18 and household income not exceeding $85,000.

• Credit amounts: $1,000 per qualifying child under age 6, and $500 per other qualifying child; amounts reduce by 1/20 for each $1,000 of household income exceeding $65,000.

• If credit exceeds tax liability, excess amount is refunded to taxpayer in 12 equal monthly installments rather than as a lump sum refund.

• Modifies section 5747.01 to add definition of "household income" and related terms; updates section 5747.08 and 5747.98 to incorporate the credit into Ohio's tax credit sequence.

• Applies to taxable years ending on or after the bill's effective date.